MIRA INFORM REPORT
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Report No. : |
340679 |
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Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
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Name : |
FUZHOU DAIHEI INK Co., Ltd. |
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Registered Office : |
No. 1 Of East Road, 8th Of Phase One, Tieling Industry Area,
Minhou County, Fuzhou, Fujian Province, 350100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
18.08.2006 |
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Com. Reg. No.: |
350100400001327 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing printing inks and printing materials, tinplate paper,
synthetic resins and other products. (involved approval items, only allowed in
the approval scope and expiration date to operate) (with permit if needed). |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
-- |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
FUZHOU DAIHEI INK Co., Ltd.
NO. 1 OF EAST ROAD, 8TH OF PHASE
ONE, TIELING INDUSTRY AREA,
MINHOU COUNTY,
FUZHOU, FUJIAN PROVINCE, 350100 PR CHINA
TEL: 86 (0) 591-38260128 FAX: 86 (0) 591-38260086
EXECUTIVE
SUMMARY
INCORPORATION DATE : AUG. 18, 2006
REGISTRATION NO. : 350100400001327
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. WU
SHENGYANG (CHAIRMAN)
STAFF STRENGTH :
50
REGISTERED CAPITAL : USD 5,000,000
BUSINESS LINE :
TRADING and manufacturing
TURNOVER :
CNY 49,680,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 45,780,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3694 = USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
SC was registered as a wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Aug.
18, 2006.
Company Status: Wholly foreign-owned enterprise This form of business in PR China is defined as a legal
person. It is a limited co. established within the territories of PR China
with capital provided totally by the foreign investors. More than one
foreign investor may jointly invest in a wholly foreign-owned enterprise.
The investing party/parties solely exercise management, reap profit and
bear risks and liabilities by themselves. This form of companies usually have
a limited duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered business scope includes manufacturing printing inks and
printing materials, tinplate paper, synthetic resins and other products. (involved
approval items, only allowed in the approval scope and expiration date to
operate) (with permit if needed).
SC is mainly engaged in manufacturing and selling printing inks and
printing materials.
Mr. Wu Shengyang is legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 50 employees
at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industry area of Fuzhou. Our
checks reveal that SC owns the total premise, but the gross area of the premise
is unspecific.
http://www.daiheiink.com/
The design is professional and the content is well organized. At present it is
in English and Chinese versions.
E-mail: daiheicn@daiheiink.com
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Tax Registration No.: 35010079176126X
Organization Code: 79176126X
Honors:
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Fuzhou City Minhou County People's Court |
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Date of Case |
2010-06-02 |
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Case Number |
(2010) 01433 |
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Claim Amount |
RMB 21,335 |
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Case Status |
N/A |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Daihei Ink (H.K.) Co., Limited 100
Established in the early eighties, with headquarters in Hong Kong,
Daihei Ink (H.K.) Co., Ltd. relies on first class manpower, first class
management, first class product quality, first class service and good reputation
to gain the trust and supports of the printing trade in very short time. For
providing better service in return to our customers, Daihei Ink has
successively opened branch office in Shenzhen, Dongguan, Shanghai and other
cities in China.
CR No.: 0239141
Company Type: Private company limited by shares
Date of Incorporation: 17-Jan.-1989
Active Status: Live
Room 1503, Honour Ind Ctr.6 Sun Yip Chai Wan, Hongkong
Tel: 852-2896 7689 Fax:
852-2897 1937
Legal
Representative, Chairman and General Manager:
Mr. Wu Shengyang is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Also working in Daihei Printing Material (Shenzhen) Co., Ltd. as legal
representative.
Supervisors:
Zheng Wenru
Wang Fulong
SC is mainly engaged in manufacturing and selling printing inks and
printing materials.
SC’s products mainly include: sheet-fed offset printing ink, web offset
printing ink, UV curing offset printing ink and pantone offset printing ink.
SC sources its materials 100% from domestic market. SC sells 80% of its
products in domestic market, and 20% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
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TRADEMARKS & PATENTS |
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Registration No. |
6302983 |
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Registration Date |
2010-9-7 |
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Trademark Design |
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Note: SC declined to release its major suppliers and clients.
According to the above website: http://www.daiheiink.com
Daihei Printing Material (Shenzhen) Co., Ltd.
===================================
Incorporation date: 2008-5-28
Registration no.: 440301503309764
Legal rep.: Wu Shengyang 吴声阳
No.123 P14, Printing Package Area of Huanan Industry Raw Material Town,
Pinghu, Shenzhen
Tel: 86-755-2588 4568 Fax:
86-755-2588 4040
Daihei Offset Printing Material (Guangzhou) Co., Ltd.
======================================
Incorporation date: 2001-4-29
Registration no.: 440101000009637
Legal rep.: Zheng Lixing
Room 1704, South Securities Building, No.148 of East Tiyu Road, Tianhe,
Guangzhou
Tel: 86-20-3887 8689 Fax:
86-20-3887 8582
Daihei Printing Material (Shanghai) Co., Ltd.
=================================
Incorporation date: 2004-5-18
Legal rep.: Zheng Zhigang
Room 503, No.5, Alleyway 1351, Laohumin Road, Minhang, Shanghai
Tel: 86-21-5852 1100 Fax:
86-21-3882 0285
Overall payment appraisal: ( )
Excellent ( ) Good
(X) Average ( ) Fair ( )
Poor ( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience: SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
Delinquent payment record: None in our database.
Debt collection record: No overdue amount owed by SC was placed to us for
collection within the last 6 years.
Bank of China Fuzhou Minhou Sub-branch
AC#：N/A
Relationship: Normal.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31,
2014 |
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Cash & bank |
1,110 |
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Inventory |
19,680 |
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Accounts receivable |
30,720 |
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Advances to suppliers |
660 |
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Other receivables |
720 |
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------------------ |
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Current assets |
52,890 |
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Fixed assets net value |
29,620 |
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Projects under construction |
750 |
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Intangible and other assets |
3,970 |
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------------------ |
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Total assets |
87,230 |
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=========== |
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Short loan |
0 |
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Accounts payable |
17,720 |
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Advances from customers |
110 |
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Taxes payable |
390 |
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Other accounts payable |
23,210 |
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Other payable |
20 |
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Current liabilities |
41,450 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
41,450 |
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Equities |
45,780 |
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------------------ |
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Total liabilities & equities |
87,230 |
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=========== |
Income
Statement
Unit: CNY’000
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As of Dec. 31,
2014 |
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Turnover |
49,680 |
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Cost of goods sold |
41,430 |
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Taxes and additional of
main operation |
170 |
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Income from other operation |
20 |
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Sales expense |
990 |
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Management expense |
4,530 |
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Finance expense |
500 |
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Non-operating income |
20 |
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Non-operating expense |
0 |
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Profit before tax |
2,100 |
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Less: profit tax |
670 |
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Profits |
1,430 |
Important
Ratios
=============
|
|
As of Dec. 31, 2014 |
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*Current ratio |
1.28 |
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*Quick ratio |
0.80 |
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*Liabilities to assets |
0.48 |
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*Net profit margin (%) |
2.88 |
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*Return on total assets (%) |
1.64 |
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*Inventory /Turnover ×365 |
145 days |
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*Accounts receivable/Turnover ×365 |
226 days |
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*Turnover/Total assets |
0.57 |
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* Cost of goods sold/Turnover |
0.83 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears fairly large.
The accounts receivable of SC is large.
SC has no short-term loan in 2014.
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory and accounts receivable could be a threat
to SC’s financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.